SomeraRoad Secures $71.9M Refinancing Loan From Barings For Development Site In Pittsburgh

The Park at SouthSide Works is a development site located at 2695 South Water Street in Pittsburgh. This property, which features a newly built seven-story multifamily project consisting of 247 units, has been designed with high-end amenities. It was completed last year and is situated along Pittsburgh’s riverfront, providing a strategic location near the University of Pittsburgh.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $71,900,000
• Lender: Mike Freno - Barings
• Landlord: Ian Ross - SomeraRoad
• Loan Type: Refinance
• Brokers: Jordan Roeschlaub, Chris Lozinak, Nick Scribani & Samuel Speciale - Newmark

SomeraRoad secured the refinancing loan from Barings specifically for The Park at SouthSide Works. Newmark was instrumental in arranging this deal, which focuses on the financing of the seven-story property aimed at enhancing the urban living experience along the riverfront in Pittsburgh.